<p>
  The main reason for the momentum anomaly is the behavioral biases of the investor like underreaction and confirmation bias.
  Momentum strategy usually uses portfolios filled by thousands of stocks to compute the momentum factor return.
  This is not possible for small retail investors with small portfolios. They are constrained compared to big hedge funds and cannot diversify so well.
  In this tutorial, we'll construct a small portfolio consisting of up to 50 stocks to check the effect of momentum.
</p>
